Penthouse Global Media filed for Chapter 11 bankruptcy in January to address its debt and other financial issues.

At the time of the bankruptcy filing, Penthouse Global Chief Executive Kelly Holland told XBiz that she was going to streamline and strengthen the business so that it had the financial flexibility to make the necessary investments in operations.

Holland purchased the assets of Penthouse in early 2016 from FriendFinder Networks, which had filed for bankruptcy in 2013. She has worked in the adult industry for more than 20 years and joined Penthouse in 2006, where she headed up the broadcast division.

In an email to the Business Journal, Holland said she would be staying on to manage the company.

"The big change is that we have shed all of our usurious debt, survived a hostile takeover and we are poised for a new round of growth," she wrote. "I’m excited about what we can finally do."